Currency pair US Dollar to Canadian Dollar USD/CAD continues to move as part of the correction and the formation of the «Triangle» model. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Canadian Dollar is 1.3283. Moving averages indicate a short-term bullish trend for the pair. At the moment, we should expect an attempt to reduce and test the support level near the area of 1.3255. Further, the rebound and continued growth of the currency pair. The potential target of this movement of quotes is the area above the level of 1.3565.
USD/CAD Forecast Canadian Dollar August 23, 2019
In favor of the growth of quotes of the Canadian Dollar, a test of the ascending support line on the relative strength index (RSI) will come out. The second signal in favor of the rise will be a rebound from the lower boundary of the ascending channel. Cancellation of the USD/CAD growth option on Forex will be a fall and a breakdown of the 1.3185 area. This will indicate a breakdown of the lower boundary of the ascending channel and a continued fall in quotations in the area below 1.2905. Expect confirmation of the pair’s growth with the breakdown of the upper boundary of the downward channel and the closing of the USD/CAD quotes above the level of 1.3375.
Among the important news from Canada, which may affect the USD/CAD pair, it is worth highlighting: Canada Retail Sales m/m, Canada Core Retail Sales m/m.
USD/CAD Forecast Canadian Dollar August 23, 2019 implies an attempt to test the support area near the level of 1.3225. Further, continued growth to the area above the level of 1.3495. An additional signal in favor of raising the pair on Forex will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option of the Canadian Dollar will be a fall and a breakdown of the level of 1.3185. This will indicate a continued decline with a potential target below 1.2935.
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